Dongpeng Beverage: Aubrey, AXAInvestmentManagers and other 115 institutions surveyed our company on August 1

2021-09-06 Dongpeng Beverage (605499) announced: Aubrey Camellia Huang, AXAInvestmentManagers Luo Wen, CIInvestments Hong Jiabei, Elephas Wu Dani, fidelity Benli, GREENWOODSASSET Yuchen, IvyRockAssetManagement (HK) Limited Zhang Shuangyu, PAG Wang Minghao, TigerPacific ZhongxiangZHAO, Trivest Wang Qiqi, Zeal Zhao Haoyu, Aberdeen Asset Management StellaLi, Anxin Securities Asset Management Department Zhu Wenjie, Baoying Fund Management Co., Ltd. Zeng Mengya, Caitong Fund Shen Li, Dacheng Fund Management Co., Ltd. Qi Weizhong, Li Chao of Dada Asset Management Co., Ltd., Tamsui Spring Lin Shenglan, Debon Securities Co., Ltd. Zhao Xuelian, Orient Fund Management Co., Ltd. Lv Yanchen, Soochow Securities Yu Zhihuan, Fidelity International Linda Zhou, Wells Fargo Fund Zhu Shaoxing, Bi Tianyu, Yang Yongsheng, Li Xiaoming, Hou Wu, Cao Jin, Liu Lili, Wang Yuanyuan, Li Yuanbo, Cao Wenjun, Yang Dong, Zhang Xiaowei, Fang Zhujing, Zhao Zongjun, Bai Yang, Gu Feifei, Xu Yingzhen, Yu Chi, , Wells Fargo Fund Management Co., Ltd. Guo Shujie, Goldman Sachs Asset Management Hou Wei, ICBC Credit Suisse Wang Peng, Qi Huan, Yuan Chenyu, Lin Meng, ICBC Credit Suisse Fund Management Co., Ltd. Zhang Weisheng, Wang Junzheng, Everbright Securities Jessie, Guangdong Huizheng Fund Chen Zhe, GF Fund Wang Song, GF Fund Management Co., Ltd. Yao Tierui, GF Securities Yu Yang, Guohai Franklin Zhao Qin, Guohai Securities Sun Shanshan, Huang Xiaofeng, Ou Shaoping, Huang Yanzhi, Chen Fangyuan, Guojin Securities Liu Chenqian, Guoshou Pension Xu Hao, Zhou Jie, Guotai Fund Management Co., Ltd. Zhijian, Li Heng, Guotai Junan Securities Chen Xingyu, Haifutong Fund Management Co., Ltd. Liu Tsunami, Haitong Securities Asset Management Co., Ltd. Liu Bin, Hongcheng Investment Wang Mengmeng , Hongde Fund Management Co., Ltd. Wang Keyu, Hongdao Investment Zhang Yanan, Huaan Fund Yang Ming, Wang Bin, Chen Yuan, Lu Ben, Wang Chun, Shu Hao, Cui Ying, Xie Changxu, Zhang Liang, Jiang Xuan, Wu Zheng, Li Xiaozheng, Huabao Fund Management Co., Ltd. Wang Yangyang, Wu Xinyi, Huachuang Securities Fan Zipan, Huaxi Securities Liu Laizhen, Kou Xing, Wang Hongyuan, Huaxia Fund Huang Wenqian, Ji Xinxing, Liu Wencheng, Wang Shijia, Huaxia Fund Management Co., Ltd. Luo Haoliang, Lin Qingze, Tan Xiaodan, Huaxia Jiuying Asset Management Co., Ltd. Hu Chaofeng, Hui Tianfu Fund Han Chao, Hu Xinwei, Li Chao, Ma Xiang, Tian Li, Chen Qianyang, Hui Tianfu Fund Management Co., Ltd. Chen Xiaoyang, Harvest Fund Management Co., Ltd. Tang Shuting, BOCOM Kanglian Asset Management Co., Ltd. Wang Yaoyong, BOCOM Schroder Wang Shaocheng, Liu Peng, Sun Jiezhen, Gao Yang, Zhang Cheng, Zhang Long, Jinxin Fund Management Co., Ltd. Kong Xuebing, Kaifeng Investment Zhang Kun, Lingzhan Investment Liu Jian, Malaysia Treasury Limited ThomasTey, AIA Shanghai Branch Zhou Guangshan, Minsheng Jiayin Fund Management Co., Ltd. Li Debao, JPMorgan Chase Asset Management Hu Yunyun, Morgan Stanley Huaxin Xu Da, Su Xiang, Sui Siyu, Southern Fund Wu Chao, Zhao Shun, Zheng Shiyun, Huang Chunfeng, Fan Jiaxuan, Liu Shukun, Luo Shuai, Yao Wanning, Ningyin Wealth Management Liu Chang, ABC Fund Yang Yuxi, Zhang Feng, Xu Tuo, Chen Fuquan, Xu Wenhui, Nord Fund Huang Wei, Wang Hailiang, Penghua Fund Chen Yangyang, Pengshan Asset Cui Liangxu, Yang Mingtao, Pengyang Fund Wang Yiqin, Ping An Fund Liu Jie, Ping An Asset Management Tong Fei, Qisheng Fund Chen Hongmei, Qianhe Investment Wei Weinan, Ruiyuan Fund Yin Shijun, Li Zhenglong, Chen Miao, Yao Houzhu, Feng Xuan, Ai Qing, Shanghai Ivy Asset Management Co., Ltd. Huang Yong, Shanghai Orient Securities Asset Management Co., Ltd. Wang Shujuan, Yang Chunyan, Luo Xiaoyi, Xing Kai, Shanghai Harmony Huiyi Asset Management Co., Ltd. Liu Tianyu, Chen Yang, Shanghai Shengyu Investment Hu Jizhong, Wu Xiaochuan, Shanghai Investment Morgan Fund Management Co., Ltd. Xu Xiangnan, Liu Jian, Shangfeng Capital Lu Yijia, Shenzhen Oriental Harbor Investment Management Co., Ltd. Ma Teng, Schroders Group Zhang Xiaodong, Taibao Asset Bai Jiayi, Pacific Securities Cai Xueyu, Wei Kejia, Li Menghu, Taiping Asset Management Co., Ltd. Zhao Tao, Zhao Yang, Liu Yang, Taikang Life Insurance Co., Ltd. Guo Jiaxi, Taikang Pension Xiao Dan, Taikang Asset Guo Xiaoyan, Chen Yi, Fangyuan Huang Chengyang, Yan Yunpeng, Guo Jiaxi, Tianhong Fund Management Co., Ltd. Ma Xuewei, Wanjia Fund Liu Lingdi, Western Securities Xiong Peng, Xinhua Fund Wang Peng, Xinhua Asset Lei Kai, Li Yan, Industrial Securities Asset Management Co., Ltd. Liu Ludan, Galaxy Fund Management Co., Ltd. Shen Yufei, Yinhua Fund Sun Haotian, Luo Zhiyu, Liu Yi, Zhou Yan, Yinhua Fund Management Shares A little bit of company Fang Jian, Infore Capital Pan Shixiong, AIA Ji Yunan, Changan Fund Zhu Xerox, Great Wall Fund Ai Shuhao, Changjiang Securities Dong Siyuan, Xu Shuang, Ji Sihan, Changxin Fund Wang Qi, Liu Liang, Changxin Fund Management Co., Ltd. Zhang Ziqiao, China Merchants Fund Huang Xinyi, Wu Hao, Wang Qiwei, Li Gongmin, Li Huajian, Wang Yanchu, Li Zhengwei, Chen Xizhong, Zhang Xiaoxiao, Yu Xiulan, Chinese Asset Management Zhou Liang, CICC Securities Victoria, Ceibus Fund Yu Kemiao, Zhongrong Fund Chen Fangyuan, Zhongtai Securities Zhao Xiangpeng, Sino-Italian Asset Gao Lanjun, Chen Jiahuan, BOC Fund Zhang Fayu, China Post Venture Fund Management Co., Ltd. Qi Zheng, China Re Asset Management Co., Ltd. Zhao Yong 2021-08-01 to investigate our company, this survey by Chairman Lin Muqin, Secretary of the Board of Directors Liu Lihua, Deputy General Manager of the Financial Management Center Peng Dexin, Securities Affairs Representative Wang Haoxing, The head of investor relations Rodin is responsible for the reception.

The main contents of this survey are:

Main Q&A Record Q: What is the reason for the decline in the advance receipts in the contract liabilities of the semi-annual report compared with the data reflected on December 31, 2020? A: The company implements the first payment and then the goods, and on December 31 last year, there was the impact of factors such as the Spring Festival stockpiling, and the advance receipts would be higher. Q: How are promotional fees planned? A: 18 years is the cost of the World Cup, 19-20 years of normal delivery, 21 years is the launch of listing publicity and new freezer fees, reflecting the publicity and promotion costs are larger. The Publicity and Promotion Fee Group has a budget, according to the sales budget, the cost, expenses and other indicators that affect profits are estimated, and our publicity and promotion fees for the new year are determined. Q: In the first half of the year, price locking measures were taken in terms of cost control, and the cost of raw materials rose in the future, how much is the gross profit expected? 2A: We have locked in the raw materials for the whole year of 2021 in 2020, and the price of raw materials has risen this year, which has little impact on our gross profit margin; With the increase of the company's scale and the increase in the proportion of revenue of the 500ML golden bottle year by year, the gross profit margin will be relatively stable and the fluctuation range will not be large. Q: The gross profit margin improvement this year is very large, is there a contribution to the growth of the scale of the big golden bottle? A: The gross profit of 500ml gold bottle is higher than that of 250ml gold bottle, so the proportion of 500ml gold bottle revenue increases, and the overall gross profit margin will have a significant upward trend. Q: The relative proportion of transportation costs has decreased A: The Chongqing subsidiary is mainly responsible for the southwest region, the transportation cost of the whole country has declined after the Chongqing subsidiary is put into operation, and the construction of the Changsha subsidiary is also considering the best transportation radius of our products at about 500 kilometers. In the future, with the improvement of the company's overall revenue, the transportation expense ratio will decline. Q: What are your thoughts on the increase in the expense ratio for the first half of 2021? A: After the successful listing of the company, it increased its investment in brand building promotion activities, and added 66.6762 million yuan in promotion costs for the listing promotional film project; In order to further expand the influence of sales channels and enhance the market share of products, the promotion cost of channels such as freezer launch and supermarket promotion was increased by about 97.1413 million yuan compared with the same period last year. Q: How to choose non-energy drinks, and why do you choose yu citrus? A: Yu citrus is a fruit with better efficacy, and the juice rate is high, the company has been thinking about the development of new products with citrus, under the guidance of the chairman, our R & D team completed the development of new products, and will soon upgrade the packaging of yu citrus and re-introduce it to the market. Q: Is there a plan for the release of 0 sugar and added hydrogen outside the province? A: In June 2020, the company launched the new product Dongpeng Jiajie, and carried out trial sales in Guangzhou, Foshan and other regions, and then gradually carried out trial sales in some provinces and cities outside Guangdong Province; In April 2021, the new 0 Sugar Special Drink was launched, which was tested in Guangzhou, Zhongshan and other regions, and fully promoted in Guangdong Province, Guangxi Province and online channels from June 2021. Q: The degree of product fission is not enough, the product is relatively single, is there a plan to develop diversified products in the later stage? A: Under the premise that the market share can be further improved, we will still focus on the development of large single products, and drive other new products through large single products that have been verified by the market, at present, we have developed new products for the needs of different groups of people, and related products are in preparation. Q: Will there be any adjustments to the product price system? A: The company's existing price system, there is no plan to change in the short term, the future will gradually introduce new products to enrich the product types and structure of the 3 companies, and will also be reasonably priced according to market conditions. Q: What is the role of Pengxun Cloud Business in improving the system? A: The tool developed by Pengxun Cloud Business realizes the company's tracking of each bottle of product, from product production to sales end can be tracked, you can also see whether there is a dealer channeling goods, the implementation of one thing and one code can achieve sales guidance and promote sales. Q: The total number of outlets expanded rapidly in the first half of the year, will it continue to grow at a high speed every year in the future? A: The revenue growth of the whole country and Guangdong mainly comes from the increase of outlets, we have some blank markets and market segments, we will continue to develop dealers, we will continue to grow with the growth of dealers, outlets will continue to grow. Q: Planning for future equity incentives? A: The company's incentive mechanism matches the company's development stage and the composition of personnel, equity incentives are done before listing, employees are more stable, and whether equity incentives are carried out in the future depends on the development of the company. Q: In the process of rapid expansion, dealer management has relatively big challenges, how to ensure orderly progress? A: Dealer growth with the pace of nationalization, divided into two levels, on the one hand, in Guangdong, Guangxi and other mature markets, with the increase in sales, dealers will be subdivided according to the volume increase; The second aspect is the development of the national market, and the number of dealers in prefecture-level cities and county-level cities without dealers is gradually increased. If the volume reaches a certain level, the original dealer will also be cut, and this process is a process of gradual refinement and deepening. Q: How does the company ensure benign inventory? A: The regional salesman will take stock of the dealer inventory every month, and there will also be an internal system to record the relevant data, which can ensure the freshness of the product through the control of the channel inventory, the company's products are paid first, and the channel inventory is relatively benign. Q: Why is there still a large growth in Guangdong in the first half of this year? A: Guangdong will continue to grow, and Guangdong's growth is the result of the implementation of strategies such as channel refinement and crowd expansion.

First, sinking the township market, there are still some areas in Guangdong that have not yet penetrated;

Second, the breadth of the crowd has increased, and now the layout has been made to expand the consumer group;

Third, the pull of new products;

Fourth, channel freezer release, strengthen display, enhance brand exposure, strengthen freezing, and accelerate sales. Q: High-end products are doing well, will the marketing of high-end products change from the previous marketing of 500 golden bottles? A: There are no major changes in marketing, and the listed promotional videos have improved the tone and reputation of the brand, reached the customer base that had not been touched before, and increased the company's exposure. The future will have different delivery strategies, the release of the freezer is the highlight of this year, the manufacturer's customized refrigerator, there is a Dongpeng logo, do their own product display, the single 4 point output will have a relatively large positive impact, the next few years will consider continuous release, hope that the display, freezing in the mature area to achieve the ultimate, single store sales have substantially improved. Q: In which scenarios are expected to expand consumer capacity for different products? A: The driving family, truck drivers, courier brothers, takeaway brothers are our customer base, in addition, the company also has cooperation with AutoNavi Map; Didi Chauffeur will also insert a drink advertisement after making a few orders on the driver's end, prompting the driver to pay attention to rest; In station B there is advertising, in

The post-95 and post-00 generations cultivate loyal groups and carry out continuous cultivation among young consumer groups. The customer group of 0 sugar is the middle and high-end group, such as science and technology parks, CBD white-collar workers; Jiayu focuses on campus, Internet cafes and other channels. Q: What is the reason why the company's investment in fixed assets is relatively high compared to overseas peers? A: In order to ensure quality and supply cycle control, the company mainly produces independently, so there will be necessary fixed asset investment, so there will be differences with overseas competitors. Q: Challenges and problems of nationalized shops A: The current progress is relatively smooth, from the current point of view, the company has certain challenges in the initial nationalization, the brand power is not enough, the investment negotiation ability is insufficient, and there is no strong brand endorsement. However, after the listing, the progress is better, and the investment has a certain initiative. In newly opened up areas, consumer cultivation takes time, and cost delivery will also be focused. Q: Do Dongpeng dealers overlap with Red Bull dealers? A: Dongpeng dealers are exclusive. Q: What is the progress of the product's packaging identification and packaging upgrade plans? A: The traditional 500ml gold bottle special drink packaging remains unchanged, and the acceptance of consumers is higher, which is also in line with the tonality of the target customer group of the product. The 250ml golden bottle special drink packaging will be optimized and infiltrated for the middle and high-end people. Added hydrogen and 0 sugar are completely different styles of packaging, and the current packaging market response is better. Q: What is the new health care approval product positioning? A: The newly approved products of health food have not yet been launched, and product design and marketing strategies are still in preparation. Q: What is the production capacity after the completion of the Changsha project? A: Changsha is expected to be equipped with 6 production lines after full production is completed. Q: Why did the base choose Changsha? A: With the development of the market, the company may face certain capacity pressure in the future, so the company laid out the Changsha factory in advance. 5Q: In his development vision, will the chairman develop the company into a brand-based FMCG company or an expert beverage company focusing on beverages? A: The company still focuses on functional beverage products, and is currently doing a lot of research and development, applying for approvals and trademarks, mainly around the goal of providing consumers with health benefit drinks.

Dongpeng Beverage's main business: sales and technical consulting of food machinery and packaging materials; Housing rental; E-commerce platform technology development and system development, e-government system development; Information transmission, software and information technology services; Development and sales of computer software and information system software; Information system design, integration, operation and maintenance; Information technology consulting; Integrated circuit design, research and development; Business management consulting (excluding restricted items); Development and application of information solutions; High-trust computing, intelligent network, mobile Internet, Internet of Things and other technologies and applications; Network-based software service platform technology development, software development, testing services; Information system integration, technical consulting. (Except for the above items that involve laws, administrative regulations, and projects prohibited by decisions of the State Council, restricted projects can only be operated after obtaining a license); Domestic trade (excluding monopoly, monopoly and monopoly control of goods); Operate import and export business (except for projects prohibited by laws, administrative regulations and decisions of the State Council, restricted projects can only be operated after obtaining a license). Wholesale of prepackaged food (excluding reheating prepackaged food) (beverages, non-alcoholic beverages, packaged drinking water); Wholesale of health food (limited to Dongpeng special drinks); General freight; Manufacture and sale of beverages, non-alcoholic beverages, and packaged drinking water. Production, sales: health food, beverages (with the license to operate within the validity period, the specific projects subject to the approval of the approval department); Wine, exquisite tea; Production, processing: beverage packaging containers; Production and sale of bottles (barrels) of quoted water (drinking pure water); Manufacture and sale of other beverages (nutrient drinks); Data mining, data analysis and data services; Internet digital content development; Extraction, purification and sale of active ingredients of Chinese medicines.

Dongpeng Beverage's 2021 interim report shows that the company's main revenue was 3.682 billion yuan, up 49.11% year-on-year; the net profit attributable to the mother was 676 million yuan, up 53.14% year-on-year; the non-net profit was 660 million yuan, up 47.51% year-on-year; the debt ratio was 39.11%, the investment income was 9.5306 million yuan, the financial expenses were -429.65 million yuan, and the gross profit margin was 49.68%.